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Evergrande’s Chairman Hui Ka Yan was forced to sell pledged shares in the company after the developer was labelled a defaulter as per Bloomberg citing disclosures at the HKEX. While the transaction value was not disclosed, he sold 277.8mn shares to bring his stake to 59.78% from 61.88%. However, based on Friday, the shares were worth $63mn. According to the filing, “Steps have been taken to enforce a security interest in the shares, or rights to such shares held as security against” Hui.

Evergrande’s dollar bonds were stable, trading at roughly 20 cents on the dollar.

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